Central New Jersey Multi-Family Sales Pick up Pace with Four Recent Trades arranged by Gebroe-Hammer Associates

106 Units Located throughout Plainfield Near Shopping, Transit and Highways

PLAINFIELD, N.J. – July 21, 2015 – (RealEstateRama) — Central New Jersey’s multi-family trading pace is quickening at the mid-year mark, with four transactions involving a total of 106 units in Plainfield recently arranged by Gebroe-Hammer Associates. The properties were located throughout the Union County city.

At 701-711 Kensington Ave., the brokerage team of Gehane Triarsi and Adam Zweibel exclusively represented the seller and procured the buyer. The three-story, 18-unit apartment building, which sold for $2.35 million, is centrally situated in the Watchung Putnam neighborhood, less than a mile from the Netherwood and Plainfield train stations.

“Plainfield’s population continues to grow at a record-setting pace for the city and, as a result, there is tremendous demand among the tenant base,” said Triarsi. “Where there is tenant demand, associated with historically strong occupancy rates, there is tremendous investor demand.”

The team of Triarsi, Zweibel and Senior Vice President Nicholas Nicolaou also arranged the $2.07 million trade of 39 units at 607-611 Madison Ave., between W. 6th and W. 7th Streets. The four-story Van Wyck Brooks district property is within walking distance of local shopping, restaurants, schools, bus stops and parks. Gebroe-Hammer represented the seller, Core Partners 2012 LLC, and the unnamed buyer in the transaction.

Additionally, the Triarsi/Zweibel team closed two separate sales involving 37 units at 703-713 Plainfield Ave. and 12 units at 204 E. 9th St., sold for $2.1 million and $1.2 million, respectively. Triarsi exclusively represented the seller, 703 Plainfield LLC, in the disposition of these two properties as well as the Kensington Avenue property.

Plainfield is a major transportation hub for commuters, despite the lack of an interstate highway within its borders. Major thoroughfares include the retail-laden U.S. Route 22, which connects the Lehigh Valley in Pennsylvania with Newark, and U.S. Route 1 & 9. Entry to I-287 and I-78 can be accessed through neighboring communities. Two train stations and local/regional bus routes also provide commuter service to Midtown Manhattan and Newark.

Based in Livingston, N.J., Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms in the tri-state region. The firm’s brokerage activities concentrate on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.

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Carin McDonald
CMM Strategic Communications
189 Berdan Avenue, #282
Wayne, NJ 07470
Office: 973.513.9580
Mobile: 201.637.7264